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    1005 Craig St Selma, VA 24426

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    1005 Craig St Selma, VA 24426

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    • Neighborhood centers
    • 112,469 SF
    • 5.00 lot acres
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Neighborhood centers

    Property Details for 1005 Craig St

    Lot size
    5.00 lot acres
    Property size
    112,469 SF
    Property type
    Neighborhood centers
    Property subtype
    Retail properties & Spaces

    Description

    Alleghany Square, located at 1005 S. Craig Street in Covington, Virginia (zip code 24426), offers a prime retail opportunity in a vibrant market. This multi-tenant strip center boasts a total of 112,469 square feet, situated on a spacious 5-acre lot. Currently, there are two available spaces, each offering significant flexibility. One space offers a minimum of 26,000 square feet, while the maximum contiguous space available is 27,104 square feet. A substantial 53,104 square feet is currently vacant, presenting a unique opportunity for expansion or multiple tenants. The property features ample parking with 364 spaces to accommodate customers and employees. The center is conveniently located in Alleghany County, Virginia, providing easy access for both local residents and commuters. This is an exceptional opportunity for businesses seeking a prominent location with substantial space in a thriving community. The property's size and location make it ideal for a variety of retail uses. Contact us today to learn more about leasing opportunities and explore the potential of this exceptional retail property.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Selma
    County
    Alleghany
    State
    Virginia
    Longitude
    -79.8479
    Latitude
    37.8033

    Comparable in this City

    • Value Estimation
      $7,580,000
      146,807 SF

      313 Thacker Ave

      WHOLESALE OUTLET, DISCOUNT STORE • 146,807 SF
      313 Thacker Ave, Covington, VA 24426-2264
      View Details
    • Value Estimation by Request
      5,640 SF

      201 Prospect St

      VEHICLE SALES, RENTALS • 5,640 SF
      201 Prospect St, Covington, VA 24426-1650
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    • Value Estimation by Request
      1,818 SF

      400 Monroe Ave

      VEHICLE SALES, RENTALS • 1,818 SF
      400 Monroe Ave, Covington, VA 24426-1225
      View Details
    • Value Estimation
      $3,615,000
      99,618 SF

      1252 Craig Ave

      RETAIL STORES (PERSONAL SERVICES) • 99,618 SF
      1252 Craig Ave, Covington, VA 24426-2225
      View Details
    • Value Estimation by Request
      14,432 SF

      345 Thacker Ave

      VEHICLE SALES, RENTALS • 14,432 SF
      345 Thacker Ave, Covington, VA 24426-2264
      View Details
    • Value Estimation by Request
      3,594 SF

      151 Ct Ave

      FINANCIAL BUILDING • 3,594 SF
      151 Ct Ave, Covington, VA 24426-1533
      View Details

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    1005 Craig St
    Selma, VA 24426
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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